Since I’m doing a few more swing and position trades than I usually do, I’ll write weekly updates for ya. Here’s a summary of my recent trade setups:
Last week I pointed out that the euro is technically poised for a bounce thanks to the SMAs and a rising trend line acting as potential support. And with Janet Yellen not saying anything new, I guess traders just went with the trend.
Unfortunately, I didn’t take this trade because I was watching the chart closely (maybe too closely) and I thought for a while that the pattern trend would break. It would have been good for a 100-150-pip run. Boo.
This one is another miss for me. Although the didn’t break above the ascending triangle, I was prepared for a downside break (the School of Pipsology did hint that it COULD happen). However, I backed out again especially when I saw that price was consolidating just below the trend line. I really thought it was going to be a fakeout!
I had two great setups that could have worked out but I didn’t take because I was too bothered by the changing market sentiment. Maybe I shouldn’t pay too much attention to them next time? I’m trading the higher time frames after all. I could have also placed limit orders to at least catch some of these moves. Must not waste analyses next time!
Now this is one trade that I’m not ready to let go of yet! GBP/USD’s uptrend on the daily chart is still intact and I still have two positions open with a total risk of 0.50%. With the U.K. data doing pretty well I think I might even add another position! But maybe when it makes new highs?
So, that’s it for the good and the bad of my trades so far! Really bummed that I missed two good ones. How about you? Do you have trade ideas to share? Let us know so we can talk about it!